Related Summaries

The Federal Emergency Management Agency will reduce the amount of money it gives victims of major disasters from $2,000 to $500. FEMA says the change will reduce waste and fraud. Congressional auditors reported up to $1.4 billion in fraud and abuse in aid programs after Hurricane Katrina.

Mississippi is starting to receive federal funds to rebuild buildings and homes damaged or destroyed by Hurricane Katrina. "We're turning the corner," a Federal Emergency Management Agency spokesman says. "We're going to see a tremendous amount of reconstruction." However, more than 101,000 residents still live in trailers, and thousands are in disputes with insurance companies over claims.

Bankruptcy attorneys say W.R. Grace and its asbestos creditors were unable to reach an agreement on the company's liabilities. Negotiations with claimants could resume at some point in the future, says David Bernick, Grace's lead bankruptcy lawyer. He says he decided to halt negotiations after lawyers for the claimants offered nothing for shareholders.

California, Texas and Florida had the highest number of motorcycles stolen in 2005, according to the National Insurance Crime Bureau. NICB says 70,613 motorcycles were stolen last year, representing a loss of more than $434 million. Frank Scafidi, NICB director of public affairs, says the top three theft states have good weather and large populations, which means more motorcyles and therefore more thefts.

Florida Gov. Jeb Bush may call a special legislative session after a task force releases a report on Florida's insurance crisis. The report is due Nov. 15.
Bush says he will not call a session on insurance until he is sure lawmakers will pass a substantive solution to the problem.